Netshoes’ $62 Million Merger With Magazine Luiza

Simpson Thacher represented Netshoes in Merger with Magazine Luiza.

Netshoes (Cayman) Limited (NYSE: NETS) proposed a merger with a subsidiary of Magazine Luiza S.A. (BVMF: MGLU3), with Netshoes continuing after the merger as the surviving company and as a wholly owned subsidiary of Magazine Luiza S.A. Subject to the terms and conditions of the Merger Agreement, each of Netshoes’ shareholders will receive US$2 per share in cash for each common share, resulting in an estimated total consideration for the transaction of approximately $62 million. The transaction is subject to the satisfaction of certain conditions precedent, including approval by Netshoes’ shareholders and the Brazilian antitrust agency.

Netshoes is one of the largest sports and lifestyle online retailers in Brazil, and has sold to more than 17.6 million customers since its foundation.

The Simpson Thacher team included Grenfel S. Calheiros, Paulo Cardoso and Luiz F. Noronha (Corporate – São Paulo); Todd Crider and Eduardo Camara (Corporate – New York); Kirsten Jensen, Usman Arain and Jeremy Bethel (M&A – Palo Alto); Katharine Moir and Jacqueline Clinton (Tax – Palo Alto); Tristan Brown and Alyssa Ohanian (ECEB – Palo Alto); and Marcela Robledo (IP – Palo Alto).

Milbank LLP advised Magazine Luiza in connection with the transaction. The Milbank team was led by partners Fabiana Sakai and Scott Golenbock, special counsel Francisco Nuñez, associates Hannah Hwang, Marcella Gurgel, Catherine Chong and Ana Bueno, Tax partner Max Goodman and associate Archan Hazra; Executive Compensation partner Joel Krasnow and associate Kelly Bartley; Antitrust partner Fiona Schaeffer; Intellectual Property special counsel Nate Browand; and Litigation partner Dan Perry and associate Nikki Nielson.

Involved fees earner: Kelly Bartley – Milbank; Nathaniel Browand – Milbank; Ana Bueno – Milbank; Catherine Chong – Milbank; Scott Golenbock – Milbank; Max Goodman – Milbank; Marcella Gurgel – Milbank; Archan Hazra – Milbank; Hannah Hwang – Milbank; Joel Krasnow – Milbank; Nikki Nielson – Milbank; Francisco Nuñez – Milbank; Daniel Perry – Milbank; Fabiana Sakai – Milbank; Fiona Schaeffer – Milbank; Usman Arain – Simpson Thacher & Bartlett; Jeremy Bethel – Simpson Thacher & Bartlett; Tristan Brown – Simpson Thacher & Bartlett; Grenfel Calheiros – Simpson Thacher & Bartlett; Eduardo Camara – Simpson Thacher & Bartlett; Jacqueline Clinton – Simpson Thacher & Bartlett; Todd Crider – Simpson Thacher & Bartlett; Paulo Fernando de Menezes Cardoso – Simpson Thacher & Bartlett; Kirsten Jensen – Simpson Thacher & Bartlett; Katharine Moir – Simpson Thacher & Bartlett; Luiz Noronha – Simpson Thacher & Bartlett; Alyssa Ohanian – Simpson Thacher & Bartlett; Marcela Robledo – Simpson Thacher & Bartlett;

Law Firms: Milbank; Simpson Thacher & Bartlett;

Clients: Magazine Luiza; Netshoes (Cayman) Limited;

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Author: Ambrogio Visconti.